What changed in this filing

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Item 1. Financial Statements

2022-12-07 compared with 2022-09-07 · 89 added, 62 removed, 411 unchanged (27% of the section changed)

3 unchanged sentences

(Dollar amounts in thousands, except per share data)

July 30, 2022 January 29, 2022 July 31, 2021

October 29, 2022 January 29, 2022 October 30, 2021

CURRENT ASSETS:

29 unchanged sentences

Common stock, $ 0.01 par value, authorized 300,000,000 shares;

87,079,394 and 92,883,540 issued and outstanding as of July 30, 2022, January 29, 2022 and July 31, 2021, respectively.

87,079,394 and 88,164,878 issued and outstanding as of October 29, 2022, January 29, 2022 and October 30, 2021, respectively.

Additional paid-in capital 203,734 198,016 188,329

7 unchanged sentences

(Amounts in thousands, except per share data)

Thirteen Weeks Ended Twenty-Six Weeks Ended

July 30, 2022 July 31, 2021 July 30, 2022 July 31, 2021

Thirteen Weeks Ended Thirty-Nine Weeks Ended

October 29, 2022 October 30, 2021 October 29, 2022 October 30, 2021

NET SALES $ 1,493,925 $ 1,592,795 $ 4,648,570 $ 4,964,658

19 unchanged sentences

(Amounts in thousands)

Thirteen Weeks Ended Twenty-Six Weeks Ended

July 30, 2022 July 31, 2021 July 30, 2022 July 31, 2021

Thirteen Weeks Ended Thirty-Nine Weeks Ended

October 29, 2022 October 30, 2021 October 29, 2022 October 30, 2021

COMPREHENSIVE INCOME:

27 unchanged sentences

Balances as of July 30, 2022 79,725 $ 797 $ 196,510 $ 1,323,964 $ — $ 1,521,271

Net income — — — 131,741 — 131,741

Equity compensation — — 5,829 — — 5,829

Repurchase of common stock for retirement ( 2,176 ) ( 22 ) ( 5,477 ) ( 95,325 ) — ( 100,824 )

Settlement of vested Restricted Stock Units 3 0 ( 0 ) — — —

Stock option exercises 408 4 6,872 — — 6,876

Cash dividends declared, $ 0.075 per share

— — — ( 5,974 ) — ( 5,974 )

Balances as of October 29, 2022 77,960 $ 779 $ 203,734 $ 1,354,406 $ — $ 1,558,919

See Condensed Notes to Consolidated Financial Statements

22 unchanged sentences

Balances as of July 31, 2021 92,884 $ 929 $ 187,746 $ 1,260,805 $ ( 1,862 ) $ 1,447,618

Net income — — — 161,305 — 161,305

Equity compensation — — 2,921 — — 2,921

Repurchase of common stock for retirement ( 5,723 ) ( 57 ) ( 11,941 ) ( 233,839 ) — ( 245,837 )

Stock option exercises 1,004 10 9,603 — — 9,613

Recognized interest expense on interest rate swaps (net of tax impact of $ 115 )

— — — — 374 374

Balances as of October 30, 2021 88,165 $ 882 $ 188,329 $ 1,188,271 $ ( 1,488 ) $ 1,375,994

See Condensed Notes to Consolidated Financial Statements

2 unchanged sentences

(Amounts in thousands)

Twenty-Six Weeks Ended

July 30, 2022 July 31, 2021

Thirty-Nine Weeks Ended

October 29, 2022 October 30, 2021

CASH FLOWS FROM OPERATING ACTIVITIES:

53 unchanged sentences

The Company is one of the leading full-line sporting goods and outdoor recreational products retailers in the United States in terms of net sales.

As of July 30, 2022, we operated 261 "Academy Sports + Outdoors" retail locations in 16 states and three distribution centers located in Katy, Texas, Twiggs County, Georgia and Cookeville, Tennessee.

As of October 29, 2022, we operated 265 "Academy Sports + Outdoors" retail locations in 17 states and three distribution centers located in Katy, Texas, Twiggs County, Georgia and Cookeville, Tennessee.

We also sell merchandise to customers across most of the United States via our academy.com website.

22 unchanged sentences

Additionally, approximately $ 8.2 million of Share-Based Award Payments (see Note 9) for equity-based compensation distributions were accelerated during the 2021 second quarter.

September 2021 Secondary Offering and Stock Repurchase

On September 14, 2021, ASO, Inc.

entered into an underwriting agreement (the “September 2021 Underwriting Agreement”), by and among ASO, Inc., Allstar LLC, Allstar Co-Invest Blocker L.P.

and KKR 2006 Allstar Blocker L.P.

(collectively, the “September 2021 Selling Stockholders”), and Credit Suisse Securities (USA) LLC, as representative of the several underwriters named therein (the “September 2021 Underwriters”), relating to an underwritten offering (the “September 2021 Secondary Offering”) of 18,645,602 shares of common stock at approximately $ 43.52 per share, pursuant to the Company’s Registration Statement on Form S-1 (File No.

333-259477), filed on September 13, 2021.

The September 2021 Secondary Offering also included the Company’s repurchase and simultaneous retirement of 4,500,000 shares out of the 18,645,602 shares of common stock at approximately $ 43.52 , the same price granted to the September 2021 Underwriters, which was at a discount to the prevailing market price at the time of repurchase (see "Share Repurchases" in Note 2).

The September 2021 Secondary Offering was completed on September 17, 2021.

The Company did no t receive any proceeds from the September 2021 Secondary Offering.

Summary of Significant Accounting Policies

4 unchanged sentences

The information furnished herein reflects all normal recurring adjustments which are, in the opinion of management, necessary for a fair presentation of the results for the interim periods presented.

The results of operations for the thirteen and twenty-six weeks ended July 30, 2022 are not necessarily indicative of the results that will be realized for the fiscal year ending January 28, 2023 or any other period.

The results of operations for the thirteen and thirty-nine weeks ended October 29, 2022 are not necessarily indicative of the results that will be realized for the fiscal year ending January 28, 2023 or any other period.

The balance sheet as of January 29, 2022 has been derived from our audited financial statements as of that date.

11 unchanged sentences

Given the global economic climate and the possibility of additional unforeseen effects from the COVID-19 pandemic, these estimates remain challenging, and actual results could differ materially from our estimates.

Reclassifications

Within the merchandise division sales table presented in Note 3, certain products and categories were recategorized amongst various categories and divisions, respectively, to better align with our current merchandising strategy and view of the business.

As a result, we have reclassified sales between divisions in the thirteen and twenty-six weeks ended July 31, 2021 for comparability purposes.

This reclassification is in divisional presentation only and did not impact the overall net sales balances previously disclosed.

Share Repurchases

5 unchanged sentences

The Share Repurchase Programs do not obligate the Company to acquire any particular number of common shares, and the programs may be suspended, extended, modified or discontinued at any time.

During the thirteen and twenty-six weeks ended July 30, 2022, we repurchased and concurrently retired 5,550,892 and 7,823,241 shares of ASO, Inc.

During the thirteen and thirty-nine weeks ended October 29, 2022, we repurchased and concurrently retired 2,176,463 and 9,999,704 shares of ASO, Inc.

common stock for an aggregate amount of $ 100.8 million and $ 389.4 million, respectively, pursuant to the Share Repurchase Programs.

During the thirteen and twenty-six weeks ended July 31, 2021, we repurchased and concurrently retired 3,229,974 shares of ASO, Inc.

common stock for an aggregate amount of $ 100.0 million pursuant to the May 2021 Secondary Offering.

As of July 30, 2022, approximately $ 500.2 million remained available for share repurchases pursuant to the Share Repurchase Programs.

During the thirteen and thirty-nine weeks ended October 30, 2021, we repurchased and concurrently retired 5,722,892 and 8,952,866 shares of ASO, Inc.

common stock for an aggregate amount of $ 245.8 million and $ 345.8 million, respectively, which includes purchases that were made pursuant to the Share Repurchase Programs and those that were made prior to the Share Repurchase Programs.

As of October 29, 2022, we no longer had availability under the 2021 Share Repurchase Program and we had approximately $ 399.4 million available for share repurchases pursuant to the 2022 Share Repurchase Program.

Recent Accounting Pronouncements

4 unchanged sentences

The Company is currently evaluating the expedients and exceptions provided by this amendment as it relates to our transition from LIBOR to another reference rate to determine the impact.

Supplier Finance Programs

In September 2022, the FASB issued ASU 2022-04, "Liabilities - Supplier Finance Programs (Subtopic 405-50):

Disclosure of Supplier Finance Program Obligations." This pronouncement requires that a buyer in a supplier finance program disclose sufficient information about the program to allow a user of the financial statements to understand the program's nature, activity during the period, changes from period to period and potential magnitude.

The adoption of these amendments is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, except the amendment on roll-forward information, which is effective for fiscal years beginning after December 15, 2023.

Early adoption is permitted.

The Company is currently evaluating the impact that the adoption of this accounting standard will have on its financial disclosures.

Revenue from merchandise sales is recognized, net of sales tax, when the Company’s performance obligation to the customer is met, which is when the Company transfers control of the merchandise to the customer.

1 unchanged sentence

The following table sets forth the approximate amount of sales by merchandise divisions for the periods presented (amounts in thousands):

Thirteen Weeks Ended Twenty-Six Weeks Ended

July 30, 2022 July 31, 2021 July 30, 2022 July 31, 2021

Thirteen Weeks Ended Thirty-Nine Weeks Ended

October 29, 2022 October 30, 2021 October 29, 2022 October 30, 2021

Merchandise division sales

8 unchanged sentences

Net Sales $ 1,493,925 $ 1,592,795 $ 4,648,570 $ 4,964,658

(1) Certain products and categories were recategorized amongst various categories and divisions, respectively, to better align with our current merchandising strategy and view of the business.

As a result, we have reclassified sales between divisions in the thirteen and twenty-six weeks ended July 31, 2021 for comparability purposes.

This reclassification is in divisional presentation only and did not impact the overall net sales balances previously disclosed (see Note 2).

(2) E-commerce sales consisted of 10.0 % and 9.8 % of merchandise sales for the thirteen and twenty-six weeks ended July 30, 2022, respectively, and 8.4 % and 7.9 % for the thirteen and twenty-six weeks and July 31, 2021, respectively.

(1) E-commerce sales consisted of 9.5 % and 9.7 % of merchandise sales for the thirteen and thirty-nine weeks ended October 29, 2022, respectively, and 8.0 % for the thirteen and thirty-nine weeks and October 30, 2021.

(2) Other sales consisted primarily of the sales return allowance, gift card breakage income, credit card bounties and royalties, shipping income, net hunting and fishing license income and other items.

2 unchanged sentences

The following is a reconciliation of the gift card liability (amounts in thousands):

Thirteen Weeks Ended Twenty-Six Weeks Ended

July 30, 2022 July 31, 2021 July 30, 2022 July 31, 2021

Thirteen Weeks Ended Thirty-Nine Weeks Ended

October 29, 2022 October 30, 2021 October 29, 2022 October 30, 2021

Gift card liability, beginning balance $ 69,959 $ 60,526 $ 86,568 $ 74,253

5 unchanged sentences

Our debt consisted of the following (amounts in thousands) as of:

July 30, 2022 January 29, 2022 July 31, 2021

October 29, 2022 January 29, 2022 October 30, 2021

ABL Facility, due November 2025 $ — $ — $ —

8 unchanged sentences

(1) Deferred loan costs are related to the Term Loan and Notes.

As of July 30, 2022, January 29, 2022 and July 31, 2021, the balance in deferred loan costs related to the ABL Facility (as defined below) was approximately $ 3.8 million, $ 4.3 million and $ 4.9 million, respectively, and was included in other noncurrent assets on our consolidated balance sheets.

Total amortization of deferred loan costs was $ 0.6 million and $ 1.3 million for the thirteen and twenty-six weeks ended July 30, 2022, respectively, and $ 0.7 million and $ 1.4 million for the thirteen and twenty-six weeks ended July 31, 2021, respectively.

Total expenses related to accretion of original issuance discount were $ 0.1 million and $ 0.2 million for the thirteen and twenty-six weeks ended July 30, 2022, respectively, and $ 0.2 million and $ 0.3 million for the thirteen and twenty-six weeks ended and July 31, 2021, respectively.

As of October 29, 2022, January 29, 2022 and October 30, 2021, the balance in deferred loan costs related to the ABL Facility (as defined below) was approximately $ 3.5 million, $ 4.3 million and $ 4.6 million, respectively, and was included in other noncurrent assets on our consolidated balance sheets.

Total amortization of deferred loan costs was $ 0.7 million and $ 2.0 million for the thirteen and thirty-nine weeks ended October 29, 2022, respectively, and $ 0.6 million and $ 2.0 million for the thirteen and thirty-nine weeks ended October 30, 2021, respectively.

Total expenses related to accretion of original issuance discount were $ 0.1 million and $ 0.3 million for the thirteen and thirty-nine weeks ended October 29, 2022, respectively, and $ 0.1 million and $ 0.4 million for the thirteen and thirty-nine weeks ended and October 30, 2021, respectively.

The expenses related to amortization of deferred loan costs and accretion of original issuance discount are included in interest expense, net on the consolidated statements of income.

12 unchanged sentences

All other material terms and provisions of the 2020 Term Loan remain substantially the same as the terms and provisions in place immediately prior to the effectiveness of the Amendment.

As of July 30, 2022, the weighted average interest rate was 5.46 %, with interest payable monthly.

As of October 29, 2022, the weighted average interest rate was 6.88 %, with interest payable monthly.

The terms and conditions of the Amendment also require that the outstanding balance under the Term Loan is prepaid under certain circumstances.

As of July 30, 2022, no prepayment was due under the terms and conditions of the Term Loan.

In connection with the Amendment, the Company recognized a non-cash loss on early retirement of debt of $ 2.2 million in the thirteen and twenty-six weeks ended July 31, 2021 from the write-off of deferred loan costs and expense related to the original issuance discount associated with our 2020 Term Loan.

As of October 29, 2022, no prepayment was due under the terms and conditions of the Term Loan.

In connection with the Amendment, the Company recognized a non-cash loss on early retirement of debt of $ 2.2 million in the thirty-nine weeks ended October 30, 2021 from the write-off of deferred loan costs and expense related to the original issuance discount associated with our 2020 Term Loan.

On November 6, 2020, Academy, Ltd.

5 unchanged sentences

During the normal course of business, we periodically utilize letters of credit primarily for the purchase of import goods and in support of insurance contracts.

As of July 30, 2022, we had outstanding letters of credit of approximately $ 19.7 million, all of which were issued under the ABL Facility, and we had no borrowings outstanding under the ABL Facility, leaving the available borrowing capacity under the ABL Facility of $ 980.3 million.

As of October 29, 2022, we had outstanding letters of credit of approximately $ 17.4 million, all of which were issued under the ABL Facility, and we had no borrowings outstanding under the ABL Facility, leaving the available borrowing capacity under the ABL Facility of $ 982.6 million.

Borrowings under the ABL Facility bear interest, at our election, at either (1) LIBOR plus a margin of 1.25 % to 1.75 %, or (2) a base rate equal to the highest of (a) the federal funds rate plus 0.50 %, (b) JPMorgan Chase Bank, N.A.'s "prime rate", or (c) the one-month LIBOR rate plus 1.00 %, plus a margin of 0.25 % to 0.75 %.

1 unchanged sentence

The terms and conditions of the ABL Facility also require that we prepay outstanding loans under the ABL Facility under certain circumstances.

As of July 30, 2022, no future prepayments of outstanding loans have been triggered under the terms and conditions of the ABL Facility.

As of October 29, 2022, no future prepayments of outstanding loans have been triggered under the terms and conditions of the ABL Facility.

The ABL Facility, Term Loan and Notes agreements contain covenants, including, among other things, covenants that restrict Academy, Ltd.'s ability to incur certain additional indebtedness, create or permit liens on assets, engage in mergers or consolidations, pay dividends, make other restricted payments, make loans or advances, engage in transactions with affiliates or amend material documents.

1 unchanged sentence

These covenants are subject to certain qualifications and limitations.

We were in compliance with these covenants as of July 30, 2022.

We were in compliance with these covenants as of October 29, 2022.

Derivative Financial Instruments

1 unchanged sentence

All interest rate swaps had been designated as cash flow hedges of variable rate interest payments on borrowings under the Term Loan.

As of July 30, 2022, we do not have any derivative financial instruments outstanding.

As of October 29, 2022, we do not have any derivative financial instruments outstanding.

For derivatives which were designated as hedging instruments, amounts included in Accumulated Other Comprehensive Income (Loss) ("AOCI") were reclassified to interest expense in the same period during which the hedged transaction affected earnings, which was as interest expense was recorded on the underlying Term Loan.

The impact of gains and losses related to interest rate swaps that were deferred into AOCI and subsequently reclassified into expense are as follows (amounts in thousands):

Thirteen Weeks Ended Twenty-Six Weeks Ended

July 30, 2022 July 31, 2021 July 30, 2022 July 31, 2021

Thirteen Weeks Ended Thirty-Nine Weeks Ended

October 29, 2022 October 30, 2021 October 29, 2022 October 30, 2021

Accumulated Other Comprehensive Loss, beginning $ — $ ( 1,862 ) $ — $ ( 3,324 )

Increase to interest expense (net of tax impact of $ 163 and $ 433 in the thirteen and twenty-six weeks ended July 31, 2021, respectively)

Increase to interest expense (net of tax impact of $ 115 and $ 548 in the thirteen and thirty-nine weeks ended October 30, 2021, respectively)

— 374 — 1,836

12 unchanged sentences

Government treasury bills and securities, which are classified as cash and redeemable on demand.

As of July 30, 2022, January 29, 2022 and July 31, 2021, we held $ 321.4 million, $ 401.0 million and $ 383.0 million in money market funds, respectively.

As of October 29, 2022, January 29, 2022 and October 30, 2021, we held $ 264.7 million, $ 401.0 million and $ 294.0 million in money market funds, respectively.

The fair value of the Term Loan and Notes is estimated using a discounted cash flow analysis based on quoted market prices for the instrument in an inactive market and is therefore classified as Level 2 within the fair value hierarchy.

As of July 30, 2022, January 29, 2022, and July 31, 2021 the estimated fair value of the Term Loan and Notes was $ 0.7 billion, respectively.

As of October 29, 2022, January 29, 2022, and October 30, 2021 the estimated fair value of the Term Loan and Notes was $ 0.7 billion.

As borrowings on the ABL Facility are generally repaid in less than 12 months, we believe that fair value approximates the carrying value.

1 unchanged sentence

Property and equipment consists of the following (amounts in thousands) as of:

July 30, 2022 January 29, 2022 July 31, 2021

October 29, 2022 January 29, 2022 October 30, 2021

Leasehold improvements $ 476,670 $ 456,918 $ 455,542

6 unchanged sentences

Property and equipment, net $ 354,014 $ 345,836 $ 358,110

Depreciation expense was $ 26.3 million and $ 51.9 million, respectively, in the thirteen and twenty-six weeks ended July 30, 2022, and $ 26.0 million and $ 51.3 million in the thirteen and twenty-six weeks ended July 31, 2021, respectively, and is included in selling, general and administrative expenses on the consolidated statements of income.

Depreciation expense was $ 27.0 million and $ 78.9 million in the thirteen and thirty-nine weeks ended October 29, 2022, respectively, and $ 26.5 million and $ 77.8 million in the thirteen and thirty-nine weeks ended October 30, 2021, respectively.

These costs are included in selling, general and administrative expenses on the consolidated statements of income.

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following (amounts in thousands) as of:

July 30, 2022 January 29, 2022 July 31, 2021

October 29, 2022 January 29, 2022 October 30, 2021

Accrued interest $ 13,340 $ 6,583 $ 12,676

17 unchanged sentences

The plan reserved a total of 5,150,000 shares of common stock for issuance.

As of July 30, 2022, there were 2,403,311 shares that were authorized and available for future issuance under the 2020 Omnibus Incentive Plan.

As of October 29, 2022, there were 2,410,059 shares that were authorized and available for future issuance under the 2020 Omnibus Incentive Plan.

On September 29, 2020, the ASO, Inc.

Board of Directors adopted the 2020 Employee Stock Purchase Plan (the "ESPP"), which became effective on October 1, 2020.

We have reserved a total of 2,000,000 shares under the ESPP and as of July 30, 2022, there were 1,792,945 shares authorized and available for future issuance under the ESPP.

Equity compensation expense was $ 6.2 million and $ 9.7 million for the thirteen and twenty-six weeks ended July 30, 2022, respectively.

Equity compensation expense was $ 27.3 million and $ 33.2 million for the thirteen and twenty-six weeks ended July 31, 2021, respectively, which includes approximately $ 24.9 million in non-cash expenses related to the 2021 Vesting Event which occurred during the 2021 second quarter.

We have reserved a total of 2,000,000 shares under the ESPP and as of October 29, 2022, there were 1,792,945 shares authorized and available for future issuance under the ESPP.

Equity compensation expense was $ 5.8 million and $ 15.5 million for the thirteen and thirty-nine weeks ended October 29, 2022, respectively.

Equity compensation expense was $ 2.9 million and $ 36.1 million for the thirteen and thirty-nine weeks ended October 30, 2021, respectively, which includes approximately $ 24.9 million in non-cash expenses related to the 2021 Vesting Event which occurred during the 2021 second quarter.

These costs are included in selling, general and administrative expenses in the consolidated statements of income.

9 unchanged sentences

The assumptions used to calculate the fair value of Awards granted are evaluated and modified, as necessary, to reflect current market conditions and experience.

The following table presents the assumptions and grant date fair values for Service Options granted in the twenty-six weeks ended July 30, 2022:

The following table presents the assumptions and grant date fair values for Service Options granted in the thirty-nine weeks ended October 29, 2022:

Expected life in years 6.2

3 unchanged sentences

Dividend yield 0.8 %

The following table presents the Award grants during the twenty-six weeks ended July 30, 2022:

The following table presents the Award grants during the thirty-nine weeks ended October 29, 2022:

Service Options Service Restricted Stock Units Performance Restricted Stock Units

2 unchanged sentences

Weighted average exercise price per Award $ 39.19 N/A N/A

The following table presents the unrecognized compensation cost as of July 30, 2022:

The following table presents the unrecognized compensation cost as of October 29, 2022:

Service Options Service Restricted Stock Units Performance Restricted Stock Units

6 unchanged sentences

Basic and diluted weighted average common shares outstanding and basic and diluted earnings per common share are calculated as follows (amounts in thousands except per share amounts):

Thirteen Weeks Ended Twenty-Six Weeks Ended

July 30, 2022 July 31, 2021 July 30, 2022 July 31, 2021

Thirteen Weeks Ended Thirty-Nine Weeks Ended

October 29, 2022 October 30, 2021 October 29, 2022 October 30, 2021

Net income $ 131,741 $ 161,305 $ 470,348 $ 529,611

10 unchanged sentences

Related Party Transactions

On January 27, 2021 and May 5, 2021, in connection with the Secondary Offering and May 2021 Secondary Offering, respectively, the Company entered into two separate underwriting agreements with affiliates of KKR (as selling stockholders), the several other selling stockholders named therein, and the several underwriters named therein, including KCM (as underwriter).

The Secondary Offering and May 2021 Secondary Offering were completed on February 1, 2021 and May 10, 2021, respectively.

On January 27, 2021, May 5, 2021 and September 14, 2021, in connection with the Secondary Offering, May 2021 Secondary Offering and September 2021 Secondary Offering, respectively, the Company entered into three separate underwriting agreements with affiliates of KKR (as selling stockholders), the several other selling stockholders named therein, and the several underwriters named therein, including KCM (as underwriter).

The Secondary Offering, May 2021 Secondary Offering and September 2021 Secondary Offering were completed on February 1, 2021, May 10, 2021, and September 17, 2021, respectively.

The Company did not pay KCM any fees in connection with these secondary offerings.

In connection with the May 2021 Secondary Offering, we repurchased 3,229,974 shares of ASO, Inc.

common stock at $ 30.96 per share for approximately $ 100.0 million, which were immediately retired by the Company (see Note 1).

In connection with the May 2021 Secondary Offering, we repurchased from the underwriters 3,229,974 shares of ASO, Inc.

common stock at $ 30.96 per share for approximately $ 100.0 million.

In connection with the September 2021 Secondary Offering, we repurchased from the underwriters 4,500,000 shares of ASO, Inc.

common stock at $ 43.52 for approximately $ 195.8 million.

The shares repurchased in both the May 2021 Secondary Offering and the September 2021 Secondary Offering were immediately retired by the Company (see Note 1 and Note 2).

Commitments and Contingencies

Freight, Technology Related and Other Commitments

As of July 30, 2022, we have obligations under freight, technology-related, construction and other contractual commitments in the amount of $ 74.8 million.

As of October 29, 2022, we have obligations under freight, technology-related, construction and other contractual commitments in the amount of $ 92.0 million.

Of such commitments, approximately $ 54.6 million is payable in the next 12 months.

14 unchanged sentences

These agreements typically contain a one to three-year term and contractual payment amounts required to be paid by the Company.

As of July 30, 2022, we have $ 17.9 million in related commitments through 2027, of which $ 5.8 million is payable in the next 12 months.

As of October 29, 2022, we have $ 14.9 million in related commitments through 2027, of which $ 4.9 million is payable in the next 12 months.

Subsequent Events

Our management evaluated events or transactions that occurred after July 30, 2022 through September 7, 2022, the issuance date of the consolidated financial statements, and identified the following matter to report:

On September 1, 2022, the Company's Board of Directors declared a quarterly cash dividend with respect to the fiscal quarter ended July 30, 2022, of $ 0.075 per share of the Company's common stock, payable on October 13, 2022, to stockholders of record as of the close of business on September 15, 2022.

Our management evaluated events or transactions that occurred after October 29, 2022 through December 7, 2022, the issuance date of the consolidated financial statements, and identified the following matter to report:

On December 6, 2022, the Company's Board of Directors declared a quarterly cash dividend with respect to the fiscal quarter ended October 29, 2022, of $ 0.075 per share of the Company's common stock, payable on January 13, 2023, to stockholders of record as of the close of business on December 20, 2022.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements